Super Balloons produces balloons for special occasions. SBs trial balance on June 1 is below: Super Balloons Trial Balance June 1, 2018 June 1 balances in the subsidiary ledgers were as follows: Raw Materials Inventory subsidiary ledger: Paper = $4,000; indirect materials = $2,000 WIP Inventory subsidiary ledger: Job 120 = $40,000; Job 121 = $0 Finished Goods Inventory subsidiary ledger: Large balloons = $9,900; Small balloons = $10,500 June transactions are summarized below: a. Collections on account, $145,000. b. Selling and administrative expenses incurred and paid, $32,000. c. Payments on account, $39,000. d. Materials purchased on account: Paper, $24,000; indirect materials, $4,200. e. Materials requisitioned and used in production: Job 120: $950 Job 121: Paper, $7,900 Indirect materials, $1,200 f. Wages incurred during June, $39,000. Labor time records for the month: Job 120, $3,600; Job 121, $17,000; indirect labor, $18,400. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $36,100 of wages incurred during June. h. Depreciation on plant and equipment, $2,500. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 80% of direct labor costs. Account Title Debit Credit Cash 14,000 Accounts Receivable 160,000 Inventories: Raw Materials 6,000 WorkinProcess 40,000 Finished Goods 20,400 Property, Plant, and Equipment 220,000 Accumulated Depreciation 75,000 Accounts Payable 134,000 Wages Payable 2,600 Common Stock 139,000 Retained Earnings 109,800 Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling & Admin Expenses Total 460,400 4